NTPC Lifts 2032 Target to 149 GW, Ramps Up RE Push With BESS & Hybrid Projects

NTPC, in its latest Q2 FY26 update, revised its capacity addition target from 130 GW to 149 GW by 2032 and 244 GW by 2037. Announced during its annual investor call, the company said the corresponding capital expenditure requirement has been revised to ₹7 lakh crore by 2032.

The management added that of the 33 GW currently under construction, 14 GW is renewable energy capacity. NTPC reiterated that its under-construction portfolio consists of 17 GW of coal, 2 GW of hydro, and 14 GW of renewable capacity.

NTPC FY28 Target

NTPC also shared the planned capacity addition by FY28. The company aims to add 2,120 MW of thermal capacity, 444 MW of hydro capacity, and 8,000 MW of renewable capacity, totaling 10,564 MW.

Moreover, the NTPC also mentioned that its focus would remain on the timely completion of under-construction projects, strengthening fuel security, and continuously improving plant efficiency and availability. 

Q2 and H1 FY26: Operational & Financial Snapshot

NTPC said it has added 956 MW in October 2025, taking total fresh capacity addition to 5,359 MW so far this financial year. The highest-ever annual capacity addition for the NTPC group stands at 6,984 MW in 2019–20; the company has already achieved 5,359 MW within the first seven months of FY26.

NGEL Group has added 1,506 MW in H1 and an additional 156 MW in October, taking its total installed capacity to 7,564 MW. With this, NTPC Group’s installed capacity has risen to 84,849 MW.

Projects in Pipeline

Building on the new capacity addition, NTPC said it has placed fresh contracts for 3 GW of renewable capacity and awarded contracts for land along with connectivity for 1,200 MW. The company is also exploring opportunities in battery storage and hybrid projects to deliver round-the-clock (RTC) renewable power and strengthen its clean energy portfolio.

Gearing Up for the 11.8 GW Target in FY26

Responding to a query on its FY26 target, NTPC said it aims to add 2,019 MW on a standalone basis and 7,825 MW through JVs and subsidiaries, totaling 9,844 MW. For FY27, the target stands at 9,600 MW, and for FY28, at 10,564 MW. The company said it has clear visibility on Commercial Operation Dates (CODs) over the next three years.

NTPC Plans 5,000 MW BESS With Thermal & 5,020 MW With Solar

NTPC has seen a surge in thermal and battery energy storage system (BESS) tenders. The company said it added about 5,000 MW of battery-backed thermal projects and 5,020 MW of battery-backed solar projects in the last financial year. These projects are expected to be executed within three years from the date of award.

The company has already tendered 2.3 GW and expects another 2.9 GW to be tendered by December 2025. It expects most of these projects to be awarded within the current financial year, with the remaining 4 GW of renewable capacity slated for commissioning in FY26.

Effect of Monsoon on Projects in Rajasthan

NTPC added around 900 MW in Q1 and about 600 MW in Q2. Since Q2 typically falls in the monsoon season, it is usually a muted period for capacity addition. Most of the upcoming capacity is expected in the second half of the year from Bhuj, Khavda, and Rajasthan.

The company noted that there are no major impediments for solar projects. However, wind projects—including NTPC’s—face ROW (Right of Way) challenges due to the movement of heavy vehicles, which may cause slight slippage in the wind capacity addition target.